Florida Insurance License: Life, Health And Annuity Exam! Trivia Quiz

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  • 1/100 Questions

    An education fund is

    • Money for unforseen circumstances
    • To support the family in case of death
    • To support the education of a surviving child after the parents death
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About This Quiz

Below is a Florida Insurance License: Life, Health, and Annuity Exam! Insurance is the act of putting money in a company so as to protect you from the occurrence of a risk that may lead to loss or damage to the insured. How about you up this quiz and see if you know about the covers in Florida insurance in order to get your dream job.

Florida Insurance License: Life, Health And Annuity Exam! Trivia Quiz - Quiz

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  • 2. 

    The insuring clause or provision sets for the company’s basic promise to pay benefits upon the insured’s death.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    The insuring clause or provision is a fundamental part of an insurance policy that outlines the company's commitment to providing benefits in the event of the insured person's death. It serves as a contractual agreement between the insurance company and the policyholder, stating that the company will fulfill its obligation to pay out the agreed-upon benefits upon the insured's death.

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  • 3. 

    Licensed agents legally represent the insurer in an insurance transaction.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    Licensed agents are individuals who have obtained the necessary qualifications and certifications to legally represent the insurer in insurance transactions. They act as intermediaries between the insurer and the insured, providing information, advice, and assistance in purchasing insurance policies. Their role includes explaining policy terms, helping clients understand their coverage options, and assisting with claims processes. By being licensed, agents have the authority to bind the insurer to the terms of the insurance contract, making the statement true.

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  • 4. 

    The entire contract provision is found at the beginning of the policy and specifically states that the policy document, application included in the policy as well as any attached rider constitutes the entire contract.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    The statement is true because it states that the entire contract provision can be found at the beginning of the policy. It also specifies that the policy document, application included in the policy, and any attached rider are all part of the entire contract. This means that all these documents together form the complete agreement between the parties involved.

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  • 5. 

     A contract is an agreement that is enforceable by law.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    A contract is a legally binding agreement between two or more parties. It means that if any party fails to fulfill their obligations as stated in the contract, the other party can take legal action to enforce the terms of the agreement. Therefore, a contract is indeed enforceable by law.

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  • 6. 

    A fiduciary is a person who holds a position of special trust or confidence.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    A fiduciary is indeed a person who holds a position of special trust or confidence. This means that they are entrusted with managing and protecting the interests of another person or entity. As a fiduciary, they are legally obligated to act in the best interests of the person or entity they are representing, and they must avoid any conflicts of interest. This role often applies to professionals such as lawyers, financial advisors, and trustees, who are expected to prioritize the needs and well-being of their clients or beneficiaries.

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  • 7. 

     A policy covering two lives that only pays a death benefit when the second insured person dies is know as a joint and last survivor policy.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    A joint and last survivor policy is a type of insurance policy that covers two lives and pays out a death benefit only when the second insured person dies. This means that the policy remains in effect even after the first insured person passes away, and the death benefit is paid out upon the death of the second insured person.

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  • 8. 

    Risk in the insurance business is best described as uncertainty regarding financial loss.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    Risk in the insurance business refers to the uncertainty or possibility of experiencing a financial loss. Insurance companies exist to provide coverage and protection against potential financial losses that individuals or businesses may face. Therefore, it can be concluded that risk in the insurance business is best described as uncertainty regarding financial loss.

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  • 9. 

    In addition to the state the SEC  (Securities and Exchange Commission) regulates variable life and variable annuities.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    The statement is true. The SEC, which stands for Securities and Exchange Commission, does regulate variable life and variable annuities. These are types of insurance policies that allow the policyholder to invest in various investment options, such as stocks and bonds. The SEC regulates these products to ensure that they are being sold and marketed accurately and that investors are protected from fraud or misleading information.

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  • 10. 

    For a contract to be legally valid it is not necessary to contain an offer and acceptance nor does it need to contain consideration or legal purpose.

    • T

    • F

    Correct Answer
    A. F
    Explanation
    This statement is incorrect. In order for a contract to be legally valid, it must contain an offer and acceptance, consideration, and a legal purpose. These elements are essential to create a binding agreement between parties. Without these elements, the contract may be deemed unenforceable or void. Therefore, the correct answer is False.

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  • 11. 

    Term Life Insurance is sometimes called “temporary insurance”.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    Term Life Insurance is sometimes called "temporary insurance" because it provides coverage for a specific period of time, typically 10, 20, or 30 years. Unlike permanent life insurance, which provides coverage for the insured's entire lifetime, term life insurance is designed to provide temporary protection. It is often chosen by individuals who want coverage during a specific period when they have financial obligations or dependents to protect, such as when they have young children or a mortgage. Once the term expires, the coverage ends unless it is renewed or converted into a permanent policy.

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  • 12. 

    The suicide provision, found in most policies, usually states that a death benefit will not be paid in cases of suicide between one or two years of purchasing the policy.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    The statement is true. The suicide provision is a common clause in insurance policies that states that if the policyholder dies by suicide within the first one or two years of purchasing the policy, the death benefit will not be paid. This provision is in place to prevent individuals from purchasing a policy with the intention of committing suicide shortly after to provide financial support for their beneficiaries.

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  • 13. 

    Which life insurance provision allows the policyholder to inspect and, if dissatisfied, to return the policy for a full refund

    • Waiver of premium

    • Facility of payments

    • Probationary period

    • Free look

    Correct Answer
    A. Free look
    Explanation
    The provision that allows the policyholder to inspect and, if dissatisfied, to return the policy for a full refund is called the free look provision. This provision gives the policyholder a certain period of time, typically 10-30 days, to review the policy and decide if they want to keep it. If they are not satisfied with the terms or coverage, they can return the policy and receive a full refund of any premiums paid. This provision is designed to protect the policyholder and ensure that they have the opportunity to fully understand and evaluate the policy before committing to it.

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  • 14. 

     Jimmy keeping his money out of the stock market is an example of  risk avoidance.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    Jimmy keeping his money out of the stock market demonstrates risk avoidance because he is choosing not to invest in a potentially volatile and unpredictable market. By avoiding the stock market, Jimmy is minimizing the risk of losing his money due to market fluctuations or downturns. This decision indicates a preference for safer, more stable investment options or simply keeping his money in a secure place rather than taking on the potential risks associated with investing in stocks.

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  • 15. 

    A basic principle of insurance where a large number covers the losses of a few is called risk pooling.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    Risk pooling is a basic principle of insurance where a large number of individuals contribute to a pool of funds that can cover the losses of a few individuals who experience an insured event. This principle allows for the spreading of risk and ensures that the financial burden of losses is shared among a larger group, making insurance more affordable and accessible for everyone. Therefore, the statement is true.

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  • 16. 

    Insurance contracts are aleatory in that there is an element of chance for both parties involved and the dollar values to be exchanged may not be equal.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    Insurance contracts are considered aleatory because they involve an element of chance for both parties involved. This means that the outcome of the contract is uncertain and depends on future events. Additionally, the dollar values to be exchanged in an insurance contract may not be equal, as the insured pays premiums to the insurer in exchange for the potential benefits or coverage provided by the policy.

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  • 17. 

    Insurance contracts are contracts of adhesion.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    Insurance contracts are considered contracts of adhesion because they are typically offered on a take-it-or-leave-it basis, with the terms and conditions set by the insurer. The insured party usually has little to no ability to negotiate or modify the terms of the contract. This is because insurance contracts are standardized and designed to protect the insurer's interests. The insured party must either accept the contract as is or seek coverage elsewhere. This makes insurance contracts unequal in terms of bargaining power, hence making them contracts of adhesion.

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  • 18. 

     A waiver is the voluntary relinquishment of a known right.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    A waiver refers to the act of giving up or surrendering a known right willingly. This means that an individual or party is consciously choosing to renounce a particular right that they are aware of. This can be done in various contexts, such as legal agreements, contracts, or even personal situations. The correct answer, "T", indicates that the statement is true, as it accurately defines a waiver as the voluntary relinquishment of a known right.

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  • 19. 

    A PPO is considered a service provider.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    A PPO, or Preferred Provider Organization, is a type of healthcare plan that contracts with a network of healthcare providers to offer services to its members at discounted rates. As a service provider, a PPO negotiates contracts with healthcare providers to establish a network of preferred providers. Members of the PPO can choose to receive care from any provider within the network without needing a referral. Therefore, the statement that a PPO is considered a service provider is true.

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  • 20. 

    Fraternal Benefit companies must be non-profit organizations and can only offer benefits  to members.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    Fraternal Benefit companies must be non-profit organizations and can only offer benefits to members. This means that these companies cannot operate for profit and their main purpose is to provide benefits to their members. They cannot offer benefits to non-members or the general public. This is in line with the nature of fraternal benefit organizations, which are typically formed by groups of individuals with a common interest or purpose, such as a professional association or a religious group, to provide mutual support and benefits to their members.

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  • 21. 

    An insurance company has four years to challenge the validity of a life insurance contract.

    • T

    • F

    Correct Answer
    A. F
    Explanation
    The statement is false. An insurance company typically has a specific time frame, known as the contestability period, within which they can challenge the validity of a life insurance contract. This period is usually two years from the date the policy was issued. After this period, the contract is considered valid and the insurance company cannot challenge it based on the insured's misrepresentation or non-disclosure. Therefore, the insurance company does not have four years to challenge the validity of a life insurance contract.

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  • 22. 

                    It would be better to use decreasing term insurance if the need for protection declines from year to year.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    If the need for protection declines from year to year, it would be more suitable to use decreasing term insurance. This type of insurance provides coverage that decreases over time, aligning with the decreasing need for protection. By opting for decreasing term insurance, individuals can ensure that they are not paying for unnecessary coverage as their protection needs decrease.

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  • 23. 

    A tornado is an example of a moral hazard.

    • T

    • F

    Correct Answer
    A. F
    Explanation
    A tornado is not an example of a moral hazard. A moral hazard refers to a situation where individuals or entities take excessive risks because they know they will be protected from the consequences. However, a tornado is a natural disaster and not a result of human behavior or decision-making. Therefore, it does not fall under the category of moral hazard.

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  • 24. 

                     Stock companies may be converted into a  mutual company through  a process call mutualization.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    This statement is true. Stock companies can indeed be converted into a mutual company through a process called mutualization. Mutualization refers to the transformation of a stock company, which is owned by shareholders, into a mutual company, which is owned by its policyholders or members. This conversion typically involves the transfer of ownership from the shareholders to the policyholders, resulting in a change in the company's structure and governance.

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  • 25. 

                   Concealment means that the applicant has been totally upfront and honest on their application.

    • T

    • F

    Correct Answer
    A. F
    Explanation
    Concealment means that the applicant has not been upfront and honest on their application.

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  • 26. 

    An example of a legal consideration is the paying of an initial premium.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    The statement is true because the payment of an initial premium is a legal consideration. In insurance contracts, the premium is the amount of money paid by the insured to the insurer in exchange for the coverage provided. It is a legal requirement for the insured to pay the premium in order to enter into a valid insurance contract. Therefore, the paying of an initial premium is indeed a legal consideration.

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  • 27. 

    If a medical report is required on an applicant, it is completed by

    • A home office underwriter

    • A paramedic or examining physician

    • The agent

    • The home office medical director

    Correct Answer
    A. A paramedic or examining physician
    Explanation
    The correct answer is a paramedic or examining physician. When a medical report is required on an applicant, it is typically completed by a paramedic or examining physician. These professionals have the necessary medical expertise to assess the applicant's health and provide an accurate report. The home office underwriter, agent, and home office medical director may be involved in the process, but they are not the ones directly responsible for completing the medical report.

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  • 28. 

                   The cash values that accrue in a insurance policy belongs to the Insurer and not the Policy Owner.

    • T

    • F

    Correct Answer
    A. F
    Explanation
    The cash values that accrue in an insurance policy actually belong to the policy owner and not the insurer. These cash values are typically accumulated over time and can be accessed by the policy owner through withdrawals or loans. Therefore, the correct answer is false.

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  • 29. 

     With whole life insurance the policy’s cash value decreases each year the policy is in force.

    • T

    • F

    Correct Answer
    A. F
    Explanation
    This statement is false. With whole life insurance, the policy's cash value actually increases over time. The cash value is a component of the policy that grows over time as premiums are paid and earns interest. It can be accessed by the policyholder through loans or withdrawals. Therefore, the correct answer is false.

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  • 30. 

      An HMO is considered a service provider.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    An HMO, which stands for Health Maintenance Organization, is indeed considered a service provider. HMOs are healthcare organizations that provide managed care services, such as medical treatment, preventive care, and health education, to their members. They typically have a network of healthcare providers, including doctors and hospitals, that members can choose from for their healthcare needs. Therefore, the statement that an HMO is considered a service provider is correct.

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  • 31. 

    When a policy owner cannot exercise his rights of ownership without the policy beneficiary's consent, the beneficiary is designated

    • Vested

    • Contractual

    • Irrevocable

    • Primary

    Correct Answer
    A. Irrevocable
    Explanation
    When a policy owner is unable to exercise their rights of ownership without the consent of the policy beneficiary, it implies that the beneficiary has the power to prevent any changes or revocations to the policy. This indicates that the beneficiary has an irrevocable designation, meaning that their rights cannot be taken away or undone.

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  • 32. 

    The Black Out Period is

    • To support the family in case of death.

    • Period when there is no Social Security for the surviving spouse.

    • Money for unforeseen emergencies

    Correct Answer
    A. Period when there is no Social Security for the surviving spouse.
    Explanation
    The Black Out Period refers to a period when there is no Social Security for the surviving spouse. This means that during this time, the surviving spouse is not eligible to receive any Social Security benefits. This could be a challenging period for the spouse as they may need to rely on other sources of income or support to meet their financial needs.

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  • 33. 

          Mr. Jones  names his church as the beneficiary of his $300,000 life insurance policy. When Mr. Jones dies, who is responsible for the income taxes payable on the lump-sum proceeds received by the church?

    • His estate.

    • His church.

    • No income tax is payable on the death proceeds.

    • His estate and the beneficiary share the tax liability equally.

    Correct Answer
    A. No income tax is payable on the death proceeds.
    Explanation
    When Mr. Jones dies, no income tax is payable on the lump-sum proceeds received by the church. Life insurance death benefits are generally not subject to income tax.

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  • 34. 

    HMOs are known for stressing

    • Preventive medicine and early treatment

    • State-sponsored health care plans

    • In-hospital care and services

    • Health care services for government employees

    Correct Answer
    A. Preventive medicine and early treatment
    Explanation
    HMOs, or Health Maintenance Organizations, are known for emphasizing preventive medicine and early treatment. This means that they focus on promoting healthy habits and providing early intervention for medical conditions in order to prevent more serious health issues from developing. This approach is often seen in state-sponsored health care plans, where the government provides health care services for its employees. In contrast to focusing solely on in-hospital care and services, HMOs prioritize proactive measures to keep individuals healthy and address medical concerns at an early stage.

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  • 35. 

        In Florida the law specifies that no life or health insurance policy may be issued for delivery unless the application is taken by and the policy is delivered through a licensed agent who will receive commissions.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    The statement is true. According to the law in Florida, no life or health insurance policy can be issued unless it is taken by a licensed agent who will receive commissions. This means that insurance policies cannot be obtained or delivered without involving a licensed agent who will earn commissions from the sale.

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  • 36. 

    Express authority is the authority a principal gives to its agent.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    The statement is true because express authority refers to the authority that a principal explicitly grants to its agent. This can be done through written or verbal communication, where the principal clearly outlines the agent's powers and responsibilities. Express authority is essential in establishing a clear understanding between the principal and agent, ensuring that the agent acts within the scope of their granted authority.

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  • 37. 

    A Disability is ..

    • to supplement other retirement benefits

    • If breadwinner becomes disabled or ill.

    • money for unforeseen emergencies

    Correct Answer
    A. If breadwinner becomes disabled or ill.
    Explanation
    This answer is correct because it accurately identifies that a disability can result in the breadwinner becoming disabled or ill. This can have a significant impact on the family's financial situation, as the breadwinner may be unable to work and earn income. In such cases, it becomes necessary to have supplemental retirement benefits or money for unforeseen emergencies to ensure financial stability during the period of disability.

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  • 38. 

    Which section of a health insurance policy specifies the conditions, times and circumstances under which the insured is NOT covered by the policy?

    • Coinsurance provision

    • Coverages

    • Insuring clause

    • Exclusions

    Correct Answer
    A. Exclusions
    Explanation
    The section of a health insurance policy that specifies the conditions, times, and circumstances under which the insured is not covered by the policy is called "Exclusions." This section outlines the situations in which the insurance company will not provide coverage, such as pre-existing conditions, certain treatments or procedures, or injuries resulting from illegal activities. It is important for policyholders to review the exclusions carefully to understand the limitations of their coverage.

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  • 39. 

    Which kind of health insurance policy assures renewability up to a specific age of the insured, although the company reserves the right to change the premium rate on a class basis?

    • Noncancelable

    • Guaranteed renewable

    • Optionally renewable

    • Cancelable

    Correct Answer
    A. Guaranteed renewable
    Explanation
    A guaranteed renewable health insurance policy assures the insured that they can renew their policy up to a specific age, regardless of any changes in their health condition. However, the insurance company does have the right to change the premium rate on a class basis, meaning that they can adjust the rates for a group of policyholders rather than on an individual basis. This allows the insurance company to account for changes in overall risk and maintain the financial viability of the policy.

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  • 40. 

          Which of the following factors is most important when computing basic premiums for life insurance?

    • Expense

    • Interest

    • Mortality

    • Reserves

    Correct Answer
    A. Mortality
    Explanation
    The most important factor when computing basic premiums for life insurance is mortality. This refers to the likelihood of the insured individual dying during the policy period. The higher the probability of mortality, the higher the premium will be. Insurers take into account various factors such as age, gender, health, and lifestyle habits to assess the mortality risk of an individual. This helps them determine the appropriate premium amount to cover the potential death benefit.

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  • 41. 

        What is the beneficiary designation that can only be changed with the beneficiary's written agreement?

    • Revocable beneficiary

    • Wife of the insured

    • Per stirpes

    • Irrevocable beneficiary

    Correct Answer
    A. Irrevocable beneficiary
    Explanation
    The beneficiary designation that can only be changed with the beneficiary's written agreement is an irrevocable beneficiary. This means that once the beneficiary is designated as irrevocable, the policy owner cannot change or revoke the designation without the written consent of the beneficiary. This provides a level of protection for the beneficiary and ensures that their rights and interests are respected.

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  • 42. 

    An Emergency Fund

    • money for unforeseen emergencies

    • To support the family in case of death

    • If breadwinner becomes disabled or ill.

    Correct Answer
    A. money for unforeseen emergencies
    Explanation
    The correct answer is "money for unforeseen emergencies." An emergency fund is a financial reserve set aside to cover unexpected expenses or emergencies that may arise in the future. It acts as a safety net and provides financial stability during difficult times such as job loss, medical emergencies, or major repairs. Having an emergency fund ensures that individuals or families can handle unexpected financial challenges without relying on credit cards or loans, thus avoiding debt and financial stress.

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  • 43. 

    All of the following are required uniform provisions in individual health insurance policies EXCEPT

    • Change of occupation

    • Grace period

    • Entire contract

    • Reinstatement

    Correct Answer
    A. Change of occupation
    Explanation
    The question asks for the exception among the required uniform provisions in individual health insurance policies. The options listed are grace period, entire contract, reinstatement, and change of occupation. The correct answer is change of occupation because it is not a required uniform provision in individual health insurance policies. The other options, grace period, entire contract, and reinstatement, are all required provisions that must be included in individual health insurance policies.

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  • 44. 

                    There are three basic kinds of coverage, and they are ordinary insurance, industrial insurance and group insurance.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    The statement is true. The three basic kinds of coverage mentioned - ordinary insurance, industrial insurance, and group insurance - are indeed types of insurance coverage.

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  • 45. 

    All of the following should be eligible to establish a Keogh retirement plan EXCEPT

    • A dentist in private practice

    • Partners in a furniture store

    • A sole proprietor of a jewelry store

    • Major stockholder-employee in a family corporation

    Correct Answer
    A. Major stockholder-employee in a family corporation
    Explanation
    A major stockholder-employee in a family corporation should not be eligible to establish a Keogh retirement plan. This is because a Keogh plan is designed for self-employed individuals or small business owners, and a major stockholder in a family corporation is considered an employee rather than a self-employed individual. The other options, such as a dentist in private practice, partners in a furniture store, and a sole proprietor of a jewelry store, are all eligible to establish a Keogh retirement plan as they are self-employed individuals or small business owners.

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  • 46. 

    Dependency Period is a ..

    • Period when children still live at home

    • Period when there is no Social Security for the surviving spouse

    • To support the family in case of death.

    Correct Answer
    A. Period when children still live at home
    Explanation
    The correct answer is "period when children still live at home." The dependency period refers to the time when children are still living with their parents and are financially dependent on them. During this period, parents are responsible for providing for their children's needs and supporting them until they become financially independent. This period typically ends when the children move out of the family home and start supporting themselves.

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  • 47. 

     Only pure risks are insurable.

    • T

    • F

    Correct Answer
    A. T
    Explanation
    Pure risks refer to risks that have only two possible outcomes - loss or no loss. These risks are insurable because they can be quantified and the probability of occurrence can be determined. Insurance companies are able to assess the risk and provide coverage based on the likelihood of a loss happening. On the other hand, speculative risks involve the possibility of gain or loss, and are not insurable as the potential for gain complicates the assessment of risk.

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  • 48. 

     The buyers guide’s purpose is to ensure that the buyer obtains the lost price for insurance.

    • T

    • F

    Correct Answer
    A. F
    Explanation
    The statement is false because the purpose of the buyer's guide is not to ensure that the buyer obtains the lowest price for insurance. The buyer's guide provides information and guidance to help buyers make informed decisions when purchasing insurance, but it does not guarantee the lowest price. The guide may include factors to consider when comparing prices, but its main purpose is to educate buyers about insurance policies and coverage options.

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  • 49. 

     Lloyd’s  of London is considered a service provider.

    • T

    • F

    Correct Answer
    A. F
    Explanation
    Lloyd's of London is not considered a service provider. It is actually an insurance marketplace where various insurance underwriters come together to provide coverage for a wide range of risks. They do not directly provide services to individuals or businesses, but rather facilitate the process of obtaining insurance coverage through their marketplace.

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Quiz Review Timeline (Updated): Mar 22, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Sep 19, 2009
    Quiz Created by
    Nedramball
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